articles | 30 August 2016

Cyprus’ bank deposits on the rise

Bank deposits recorded a net rise in July 2016 for the fourth consecutive month, increasing by €1.13bn since March 2015, the Central Bank of Cyprus (CBC) said recently.

Deleveraging also continued in July, with loans reaching their lowest point in the past seven-and-a-half years.

According to the CBC, total deposits rose by €269m in July, down from a €343.4m increase the previous month.

Total deposits reached €47.03bn in July, the CBC said. On an annual basis, deposits rose for the tenth consecutive month.

In March last year, deposits dropped to €45.73bn, the lowest point since April 2007 to €44.52bn.

The rise was attributed to third country and EU nationals, and Cyprus residents.

Cypriot residents’ deposits recorded a net rise of €127.3m in July, reaching €34.6bn. EU residents increased their deposits by €84.9m, to €3.06bn.

Deposits by third country nationals rose to €9.36bn after chalking a €56.8m rise.

Loans showed a net decrease of €178.9m in July compared with €550.5m the previous month.

Total loans reached €54.1bn in July, the lowest point since October 2008 when they dropped to €53.92bn.

Cyprus residents’ loans fell by around €8.66bn, to €45.63bn, from their highest level of €54.29bn in March 2013.

Domestic household loans fell to €20.71bn, a decrease of €3.14bn, from their highest historical level of €23.85bn in December 2012.

Source: Cyprus Mail

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